Vietnam Bank for Agriculture and Rural Development (Agribank), in collaboration with Compass Plus, has overhauled its entire EMV network including ATMs and POS terminals.

The upgrade boosts the security and fraud protection level for Agribank’s card services besides bringing its customers into line with the global trend for EMV chip cards and contactless payments.

The Vietnamese commercial lender, which has a 18.8% market share in the country’s card market, seeks to make use of its new capabilities in delivering its 12 million customers a more up-to-date, reliable card service.

Agribank director of card centre Tran Van Dung said: “The EMV project has been a real breakthrough for our card services, and brings our offerings in line with the expected global standard for payment cards.

“By updating our entire EMV network, we remain a step ahead of our competitors and cement our position as one of the most innovative banks in Vietnam.”

Compass Plus' Eastern Joint Regional Directorate sales and account manager Igor Simonov said: “With large portions of the world adopting EMV standards and contactless payments, it is good to see that Agribank has taken the initiative and is bringing its customers a truly modern service both in store and at the ATM.”